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Seoul Journal of Economics - Vol. 34 , No. 1

[ Article ]
Seoul Journal of EconomicsVol. 34, No. 1, pp.17-24
Abbreviation: SJE
ISSN: 1225-0279 (Print)
Print publication date 28 Feb 2021
Received 08 Feb 2021 Accepted 08 Feb 2021
DOI: https://doi.org/10.22904/sje.2021.34.1.002

What to Expect in the Wake of the 2020 U.S. Elections
Steven J. Davis
Steven J. Davis, William H. Abbot Distinguished Service Professor of International Business and Economics, University of Chicago Booth School of Business, Senior Fellow at the Hoover Institution, and Senior Fellow with the Asian Bureau of Finance and Economics Research, Tel: +1 773 702 7312 (Steven.Davis@chicagobooth.edu)

JEL Classification: E52, E66


The 2020 U.S. elections produced a close, but clear, victory for Democratic nominee Joe Biden in the presidential contest, a surprisingly slim majority for the Democratic party in the House of Representatives, and an even 50-50 split between Republicans and Democrats in the Senate.1 Newly elected Democratic Vice President Kamala Harris holds the deciding vote for party control in the Senate. Thus, the Democratic party now controls the executive branch of the federal government and both Houses of Congress – a huge shift in the balance of political power.

Keywords: U.S. economic policy outlook, Structural shift, COVID-19 pandemic


This essay, prepared for the Seoul Journal of Economics, draws on my remarks at the TV Chosun Global Leaders Forum in Seoul on 6 November 2020.

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